USDJPY
EURUSD
USD/CAD
USD/CAD Price Forecast: Attracts bids below 78.6% Fibo retracement at 1.3670
Key Takeaways (30s Read)
USD/CAD shows signs of attracting bids below the 78.6% Fibonacci retracement at 1.3670.
During the European trading session, USD/CAD has risen by 0.18% to near 1.3700, driven by pressure on the Canadian Dollar amid thin liquidity typical of the holiday week. The pair attracts bids below the crucial 78.6% Fibonacci retracement level at 1.3670, potentially establishing a support level. If this support can hold, further upward movement may occur, whereas breaking below could intensify selling pressure. Traders should closely monitor CAD's movements during this period.
AI Analyst
AI Opinion
"The recent movement in USD/CAD reflects the pressure on the Canadian Dollar, compounded by the typical holiday-induced decrease in liquidity. The pair's attraction of bids below the 1.3670 Fibonacci retracement may signal short-term upwards momentum. However, such potential bullish behavior could be easily reversed in the current volatile environment, especially considering the thin liquidity. Overall, investors should closely monitor market movements and establish safe stop-loss levels to manage risks effectively."
RECOMMENDED BROKER Trusted Broker
Maximize This Opportunity.
Turn AI-detected market inefficiencies into profit with industry-leading specs. There's a reason pros choose Exness.
Raw Spreads
0.0 pips~
Leverage
Unlimited
Execution
Instant
AI Market Analysis Team
Combining advanced AI algorithms with professional trader insights. We analyze market drivers 24/7 to provide objective trading scenarios.